Most people are aware that HMRC will charge you for paying tax late. It’s not always called the same thing – interest, penalty, surcharge – and it’s different depending upon the tax it relates to, but that’s the essence of what happens. However, if you are a limited company, you can be paid interest by …
If you are a buy to let landlord, you will have been able to claim full tax relief on interest and other borrowing costs. However, this is being restricted to basic rate tax relief. The process starts in April 2017 and is being phased in over three years: 2017/18 – 25% restriction 2018/19 – 50% …